Healthcare accelerators — programs that nurture entrepreneurs and their startups — are proliferating.
So, if you’re an entrepreneur with a great idea to make health or healthcare better, fortunately there are more resources now to help you raise some cash.
According to a latest report from the California HealthCare Foundation, there are 115 dedicated healthcare accelerators worldwide, with 87 in the United States, maximum being in California. Most of these focus on digital health and are less than two years old.
These accelerators are specifically focused on finding, mentoring and funding health startups. In fact, many of these healthcare startup accelerators are evolving towards specialization now.
Here are 5 healthcare startup accelerators you must know about.
#1 Blueprint Health
Blueprint Health is a community of healthcare entrepreneurs helping build the next generation of healthcare software companies.
What’s the deal: You will get $20,000 investment in exchange of 6% common equity stake of your company.
Founded in: 2011
Program length: 12-week program
Upcoming program: Currently accepting applications for the Winter 2016 program, which will begin in early January, 2016.
Application process: A four step process, including – an online application, an application video, a telephone interview, and an in-person interview.
Selection criteria: Evaluation process is based primarily on three criteria: team, coachability, and business model. Majority of founders must be willing to work and participate in the program from their office in SoHo, NYC for the duration of the three month program.
Relocation or virtual mentoring: Founders will have to move to New York City.
Notable Startups: Keona Health, Aidin, Board Vitals
Alumni say: “During our three months at Blueprint we developed the business model and core product features that three years later still define the Aidin approach. Put simply, Aidin never would have existed without Blueprint Health and the league of mentors who continue to push and support us.”
– Russ Graney, Aidin
Contact: info@blueprinthealth.org
#2 Startup Health
StartUp Health is a global entrepreneurship development company for Healthcare Transformers. They have a StartUp Health Academy where they offer a global, long-term coaching program.
What’s the deal: The startups will give have to give 2-10% of equity ownership in exchange of customer access, long-term coaching and continued capitalization support. StartUp Health does not currently invest capital in its companies or provide cash as part of joining the Academy.
Founded in: 2011
Program length: 36-months of quaterly, weekly, 24/7 programming and access
Application process: They review applications on a rolling basis and you can expect to hear from the StartUp Health Review Committee within four weeks of applying.
Selection criteria: Evaluate companies on a holistic basis and consider several components, including the leadership team, product, business model and traction.
Relocation or virtual mentoring: Coaching program and resources are available online, by videoconference or phone.
Notable Startups: Health123, Zeel, Basis Science
#3 New York Digital Health Accelerator
The New York Digital Health Accelerator is a program run by the New York eHealth Collaborative and the Partnership Fund for New York City for early- and growth-stage digital health companies that are developing cutting edge technology products in care coordination, patient engagement, and workflow improvement.
What’s the deal: At the winner’s option, the program will provide $100,000 of financing in the form of a note that is convertible into the next round of financing at a 20% discount.
Founded in: 2006
Program length: 5-month program
Application process: The application is open to any company, although the company must have a New York presence, at least for the duration of the program. Pharmaceutical, biotech, surgical medical device, and diagnostic companies do not qualify for the program. At a minimum, the company should have a beta version of its technology.
Care Coordination, Patient Engagement, and Workflow Improvement are their focused areas.
Selection criteria: A review committee will select up to 10 companies through a multi-level process on the following criteria- product innovation in focus areas, value/benefits within the focus areas, management’s track record, and product maturity stage. Finalists will be invited to make oral presentations.
Relocation or virtual mentoring: Founders will have to move to New York City.
Notable Startups: Noom, Cureatr, CipherHealth
#4 Healthbox
Healthbox Studios are stage and location agnostic offering multiple programs throughout the year to attract the best entrepreneurs with a focus on solutions for healthcare in particular. The program encourages companies at all stages to apply.
What’s the deal: Accepted companies do not exchange an equity stake for cash. Instead, the accelerator program expose companies to investors at the conclusion of a program.
Founded in: 2012
Program length: 8-week program with bi-weekly modules
Notable Startups: Atlas Health, Platejoy, SwiftPay MD
#5 Health Wildcatters
Health Wildcatters is a mentor-driven seed accelerator focused on improving healthcare by supporting entrepreneurs and companies that are developing solutions for the industry.
What’s the deal: Each company receives $30K and can receive up to $250K in follow-on funding in exchange of 8% of company’s common founding stock. Startups also receive access to additional free and discounted services.
Founded in: 2013
Program length: Program runs for 12 weeks each Fall
Selection criteria: Based on the past experience, healthcare IT companies, digital & mobile health are well represented in each class. Any startup with a long regulatory pathway will have a difficult time making it to the program. Similarly, the more involved medical devices will likely be a lesser fit. They don’t anticipate housing any startup physician groups or other service companies which have no significant IP as part of the mix.
Relocation or virtual mentoring: Founders will have to relocate to Dallas for the program.
Notable Startups: Exhale Healthcare Advocates, Codegi, Flow MedTech
Contact: info@healthwildcatters.com